Turkey's stocks, lira rally on IMF hopes

PolyaLesova

NEW YORK (MarketWatch) -- Turkey's stocks and currency rallied Monday, propelled by a rise in risk appetite as well as hopes that the country will secure a loan agreement with the International Monetary Fund. In Istanbul, the IMKB-100 benchmark stock index soared 10%. Expectations of an IMF deal, strong global markets, and short-covering all contributed to the surge in equity prices Monday, said Emre Tezmen, managing director of Istanbul-based brokerage Tera Stock Brokers. In the currency markets, the Turkish lira rose 3% against the euro and surged 5.4% against the U.S. dollar.

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.